While lawmakers determine how much government money to funnel into the loans, some banks report they don’t have the government information needed to complete loans, and many business owners who’ve applied say they’ve yet to receive details about if and when they’ll receive money.

Below, we’ll give you an overview of the Paycheck Protection Program. We’ll explain the current status of the program, the eligibility requirements for your business and other important information and resources you’ll need to apply.

What is the Paycheck Protection Program?

The PPP provides low-interest, federally-backed cash-flow assistance in the form of loans to small businesses in the U.S. and its territories. Some important details:

The government will fully forgive the loans “if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities,” says the Small Business Administration (SBA). “Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.”

In the event your business does end up being required to repay a portion of its loan, you can get a deferral on loan repayments for a minimum of six months and up to a maximum of one year, per The Tax Foundation.

Most banks we researched are only accepting applications from folks who currently bank with them at this point, reportedly due to high demand. Thus, we suggest applying for a PPP loan through the firm you usually bank with.

Still, other reports tell of frustrated small business owners who fail to meet the lending requirements at national banks, many of whose application portals have intermittently launched, shut down and launched again.

Here’s the current status of the loan application process at national banks:

Bank of America continues to accept applications online. However, applicants need to either 1) have a Small Business lending and Small Business checking account with Bank of America as of Feb. 15 or 2) have opened a Small Business checking account with BoA no later than Feb. 15, 2020 and have no other “business credit or borrowing relationship with another bank.”

Chase Bank’s application page is also still accepting applications. To apply, you need to have an existing Chase Business checking account that’s been active since at least Feb. 15.

Large banks’ loan application processes are frequently changing. We’ll continue updating them above. To determine how to submit your loan application at a local lender, check their website or call them up.

To see what applies as an eligible payroll expense, review this breakdown from Tax Foundation, a leading independent tax policy nonprofit.

When will I hear back about my loan application?

Similar to the process for obtaining SBA Economic Disaster Loans, you’ll have to wait to hear from your lender for next steps after submitting your PPP loan application. Still, it’s best to get your application in as soon as possible.

🙋‍♀️As businesses face speed bumps due to the coronavirus, we're here to help with the nitty-gritty -- from finding financial relief to building a business continuity plan. Got a topic you'd like us to cover in an upcoming article? Let us know.